SERVING THE QUANTITATIVE FINANCE COMMUNITY

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thexyz
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Posts: 14
Joined: April 8th, 2008, 4:29 pm

Advice to start as a quant in late 30s

April 22nd, 2009, 1:29 pm

8 yrs as IT analyst(mainly java). Im in mid 30s.MBA in Finance a few years ago, but NOT from a red-brick (most of it forgotten as I don't use what I learned at work). Lots of interest in Finanace and Technology. Ready to work hard.Want to be a Quant analyst.My plan:1. take BSc in Maths from Open uni (distance learning; I can't afford to go for part/full time because I should be doing it while Im working)- 3 yrs 2. take relevant courses(SII courses, C++ books) within these 3 yrs3. try for quant developer jobs after the above 4. join for a PhD/ MSc in Financial Maths/Engineering - 1-3 yrsPLEASE ADVISE ME ON THIS PLAN:- is this plan realistic?- I will be in early 40s by the time I apply for my first job as pure quant analyst; is age going to be big limiting factor?- is there a better route you can suggestPS: is there an alternative distance learning course if Open Uni degree is not good enough; and would you suggest pure or applied MathsThanks in advance
 
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J
Posts: 1798
Joined: November 1st, 2001, 12:53 am

Advice to start as a quant in late 30s

April 22nd, 2009, 4:19 pm

It also depends on if you are single or not. If you have your family already, you most likely have to get an agreement with them for your decision. At least you do not want to see fighting over different directions.If you are single and you do not have any family, then your case will be very easy--all you need to do is to follow your interest and your heart and you do not need to care about other people's feeling.
Last edited by J on April 21st, 2009, 10:00 pm, edited 1 time in total.
 
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quantmeh
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Joined: April 6th, 2007, 1:39 pm

Advice to start as a quant in late 30s

April 22nd, 2009, 4:30 pm

fuggedaboudit
 
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cryptic26
Posts: 971
Joined: February 18th, 2002, 9:39 am

Advice to start as a quant in late 30s

April 22nd, 2009, 4:52 pm

QuoteOriginally posted by: thexyz8 yrs as IT analyst(mainly java). Im in mid 30s.MBA in Finance a few years ago, but NOT from a red-brick (most of it forgotten as I don't use what I learned at work). Lots of interest in Finanace and Technology. Ready to work hard.Want to be a Quant analyst.My plan:1. take BSc in Maths from Open uni (distance learning; I can't afford to go for part/full time because I should be doing it while Im working)- 3 yrs 2. take relevant courses(SII courses, C++ books) within these 3 yrs3. try for quant developer jobs after the above 4. join for a PhD/ MSc in Financial Maths/Engineering - 1-3 yrsPLEASE ADVISE ME ON THIS PLAN:- is this plan realistic?- I will be in early 40s by the time I apply for my first job as pure quant analyst; is age going to be big limiting factor?- is there a better route you can suggestPS: is there an alternative distance learning course if Open Uni degree is not good enough; and would you suggest pure or applied MathsThanks in advanceAre you in US or Europe? I guess in US. Europe has much better and broader Quant finance opportunities than US. Why not try with the Masters in Quant finance. IF you are in NY, you can do it part time although full time shall give you more time to read. Having said that in this market, just having a Masters would make very little difference.
Last edited by cryptic26 on April 21st, 2009, 10:00 pm, edited 1 time in total.
 
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QuantVader
Posts: 247
Joined: July 10th, 2008, 2:19 pm

Advice to start as a quant in late 30s

April 22nd, 2009, 5:06 pm

I admire your determination. I wonder if it's better that you give it a try one step at a time? I do not know your background, but for example, maybe take a basic calculus/real analysis book and see if you can master it in a few months and then decide whether you would be willing to go for the BSc. This was the book we used for my first semester calculus as an undergrad.I do know a guy who started his BSc in my year when he was about 30, after spending his 20's in the army. He ended up ranked second in our class (out of like 100).
 
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twofish
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Advice to start as a quant in late 30s

April 22nd, 2009, 5:38 pm

The easiest way (and note that this is the easiest, not necessarily easy) way is to get into to a bank with an IT position and then move into quant positions while taking courses. The good/bad thing is that your first positions are likely to be similar to your current job, and you will have to work very hard not to get trapped.
 
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thomssi
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Joined: August 25th, 2005, 2:45 am

Advice to start as a quant in late 30s

April 22nd, 2009, 5:55 pm

Forget it. Seems harsh but you must be realistic. You will be in your 40s before qualified. Ageism rules aside, that is not the time to be starting out even ignoring the fact you probably won't get hired anyway.Additionally you don't have a relevant undergrad degree yet. What makes you so certain you will get accepted into a decent PhD anyway? Big risk of a lot of wasted time and OU, while not useless, is not high up the food chain.Sorry, the risk/reward payoff for your plan just does not work.
Last edited by thomssi on April 21st, 2009, 10:00 pm, edited 1 time in total.
 
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quantmeh
Posts: 5974
Joined: April 6th, 2007, 1:39 pm

Advice to start as a quant in late 30s

April 22nd, 2009, 6:03 pm

QuoteOriginally posted by: twofishThe easiest way (and note that this is the easiest, not necessarily easy) way is to get into to a bank with an IT position and then move into quant positions while taking courses. that's the hardest way, and in the case of a guy with IT degree, it's pretty much impossible
 
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DominicConnor
Posts: 11684
Joined: July 14th, 2002, 3:00 am

Advice to start as a quant in late 30s

April 22nd, 2009, 6:31 pm

Certainly it will be tough, I don't think anyone will see this any other way.I think a more realistic goal is quant developer. You Java will have some value there, and of course you can use that base to learn C++Thing is that we're looking over a longish period so picking the best technologies is inevitably risky.I guess you've looked at the CQF ?You could mix that with the CMM, which is basically the "relevant" parts of of a maths degree.Quicker and about the same cost.There's a CQF open evening this Thursday, if you want to chat face to face.
 
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KackToodles
Posts: 4100
Joined: August 28th, 2005, 10:46 pm

Advice to start as a quant in late 30s

April 23rd, 2009, 6:37 am

If your uncle is a senior partner at goldman sachs, he can make few phone calls, call in his chips, and find you a job.
Last edited by KackToodles on April 22nd, 2009, 10:00 pm, edited 1 time in total.
 
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cryptic26
Posts: 971
Joined: February 18th, 2002, 9:39 am

Advice to start as a quant in late 30s

April 23rd, 2009, 11:11 am

At face value & based on the information that you provided, it is quite difficult to even say something positive. And in a market like this, I am doubtful as to why people would chose to enter quant industry at your age and with your background. [Just a vague idea]A better career would be to have combination of your MBA + CFA/CPA + (may be) JD and become an attorney. You could specialize in chapter 11 or bankruptcy. In bad market, you will have a good business and in good market you will have the stability of your own job. I am sure most law firms can find something or other to keep their attorneys engaged, i.e, when things are booming.
Last edited by cryptic26 on April 22nd, 2009, 10:00 pm, edited 1 time in total.
 
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thexyz
Topic Author
Posts: 14
Joined: April 8th, 2008, 4:29 pm

Advice to start as a quant in late 30s

April 23rd, 2009, 10:10 pm

Appreciate all your suggestions; its really helpful to see comments from various angles; really helps, so thanks to all.CQF, CMM may be quicker but it seems to be more suited for someone already in IB. It sounds like the best/quickest way seems to be get into IB as developer and move from there but even thats not guaranteed at this present climate.Meanwhile, Im thinking of creating a platform by doing a degree in Maths; this is going to help anyway, I feel, whether I get into a developer role in IB and later move into quant analysis or planning to do a MSc or PhD or CQF. If nothing works out, it may even help for a career change if thats the case. At the moment, I have only one option for taking the degree while Im working- Open University -because Im not aware of any other quality distance learning degree. - If you know other similar distance learning degree of better quality, can you please let me know.- I would like to hear the experience of the guys if any who landed as quant analyst late(mid 30s, 40s etc) in their life; even if a friend of yours has similar story, it'll be interesting to listen to. - Also from people who moved into quant analysis from being a developer in IBI just want to be positive like most of the guys here are because thats what drives me.Keep posting..
 
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quantmeh
Posts: 5974
Joined: April 6th, 2007, 1:39 pm

Advice to start as a quant in late 30s

April 23rd, 2009, 11:05 pm

degree in Math in late 30s sounds crazy to me. i'm not trying to be positive, of course
 
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straightflush
Posts: 9
Joined: October 29th, 2008, 8:39 am

Advice to start as a quant in late 30s

April 24th, 2009, 1:09 am

QuoteOriginally posted by: jawabeanQuoteOriginally posted by: twofishThe easiest way (and note that this is the easiest, not necessarily easy) way is to get into to a bank with an IT position and then move into quant positions while taking courses. that's the hardest way, and in the case of a guy with IT degree, it's pretty much impossibleyes it is not easy but I saw it happened once, from front office it developer to quantitative analyst, it is a problem of probability and chance, we gotta take bets more or less at some stages.another example around, one friend worked in a fund it for 4,5 ys, then took partime mfe, he is working as a trader now. why not take mfe directly instead of starting from bs math, guess it is easier to be enrolled for mfe with any banking background.
 
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thexyz
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Posts: 14
Joined: April 8th, 2008, 4:29 pm

Advice to start as a quant in late 30s

April 24th, 2009, 9:03 am

straightflush,MFE=Masters in Financial Engineering? Im not working in IB at the moment; I agree while you are in IB, its worth considering MFE, CQF or similar. Im not sure your chances are quite high if you have these course done before getting an entry into IB(you may add to the age factor as well). Or my understanding is wrong?My rational behind taking Maths degree is to have a good foundation in Maths which is fundamental to a quant/similar jobs in IB and its not a bad a degree to have. Thanks
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